The President’s Special Adviser on Special Duties, Communications and Strategy, Dele Alake disclosed this to State House correspondents on Thursday in Abuja.
He stated that President Tinubu also signed the Finance Act (Effective Date Variation) Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023.
This, according to him, is to ensure adherence to the 90 days’ minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
The Presidential spokesman, also stated that the President also signed the Customs, Excise Tariff (Variation) Amendment Order, 2023, which defers the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.
The President also ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single-Use Plastics, including plastic containers and bottles as well as the suspension of Import Tax Adjustment levy on certain vehicles.
Alake explained that the President issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors.
Reiterating the President’s commitment to reviewing complaints about multiple taxation, local and anti-business inhibitions, Alake assured that Tinubu’s administration will continue to give requisite stimulus by way of friendly policies to allow businesses to flourish in Nigeria.
Accordingly, Alake said the President has reaffirmed that there will not be further tax raise without robust and wide consultations undertaken within the context of a coherent fiscal policy framework.